Dogecoin and XRP ETFs See Record-Breaking Debut Trading Volumes in the U.S.

On their first day of trading, the two ETFs, tracking XRP and Dogecoin (the eighth-largest cryptocurrency and the biggest memecoin), recorded $54.7 million in total trading volume. This far surpassed the typical $1 million seen on the debut day of most new ETFs, according to Bloomberg ETF analyst Eric Balchunas.

Balchunas remarked that the strong debut volumes were a “good sign” for the next wave of crypto ETFs that are still awaiting regulatory approval. REX Shares and Osprey Funds launched these new ETFs under a different set of regulatory frameworks, making their successful debut a promising sign for future crypto-related funds.
XRP ETF’s Massive First-Day Trading Surge
The REX-Osprey XRP ETF (ticker: XRPR) saw $37.7 million in volume, according to data from Cboe and Balchunas. This volume was touted as “the biggest day one” in terms of monetary volume for any fund launched in 2025. In fact, it was five times larger than the initial trading volumes of any XRP futures ETFs on their debut day.

“That’s way more than I would have thought,” Balchunas said, adding that the XRP ETF was performing exceptionally well, even compared to some of the more established crypto-based ETFs.

On the same day, the REX-Osprey DOGE ETF (ticker: DOJE) — which tracks the price of Dogecoin — blew past initial expectations. Balchunas had originally predicted a $2.5 million trading volume on the first day, which he considered “respectable but nothing too special.” However, the ETF exceeded those expectations by a long shot, nearing $6 million in volume in the first hour of trading.

By the end of the day, DOJE finished with a $17 million trading volume, landing it among the top five ETF launches of 2025, out of over 700 ETFs launched this year.
Why This is a Big Deal for Crypto ETFs
The impressive performance of the XRP and Dogecoin ETFs indicates strong investor appetite for crypto-based exchange-traded products. Their success on the first day of trading could accelerate the approval process for more crypto-related ETFs, many of which are currently in the pipeline.

What’s more, the REX and Osprey ETFs are unique because they are registered under a different securities law framework than most existing crypto ETFs. These ETFs are under the Investment Company Act of 1940, commonly known as the “40 Act,” while most other crypto ETFs, including Bitcoin and Ethereum funds, are filed under the Securities Act of 1933 (the “33 Act”).

The 40 Act offers a faster approval process, requiring just 75 days for approval compared to 240 days under the 33 Act, though it does limit the types of assets the ETF can hold. Instead of directly holding cryptocurrencies, the XRPR and DOJE ETFs invest in a subsidiary based in the Cayman Islands that does hold the actual crypto, alongside shares in foreign exchange-traded products that track XRP and Dogecoin.

The massive success of these debut ETFs could be a catalyst for more crypto-related funds to enter the U.S. market. As more crypto ETF applications — including for XRP and Dogecoin — await approval, recent Securities and Exchange Commission changes could expedite the approval process.

With interest in crypto ETFs clearly on the rise, it is only a matter of time before other projects following the XRP and Dogecoin model might see similar success, opening the door for an even larger range of crypto-based financial products.